Koffiefontein Holdings (Pty) Ltd, an affiliate of the Stargems Group (S11 consent). Petra anticipates closing this transaction and effecting a smooth handover before the end of October 2024.
Further to the announcement made on 8 April 2024, Petra is pleased to announce that unconditional consent in terms of section 11 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 has been granted for the sale of the entire issued share capital of Blue Diamond Mines (Pty) Ltd to Koffiefontein Holdings (Pty) Ltd, an affiliate of the Stargems Group (S11 consent). Petra anticipates closing this transaction and effecting a smooth handover before the end of October 2024.
As a result of this transaction, Petra will avoid incurring closure-related costs of US$15-18 million (included in the Company’s 30 June 2024 balance sheet provisions).
Richard Duffy, Chief Executive Officer of Petra, commented, “Since taking the difficult decision to put the Koffiefontein mine on Care & Maintenance and planning for closure of the mine, Petra has remained committed to exploring a responsible exit of the asset. The grant of the S11 consent by the Department of Mineral and Petroleum Resources (DMPR) will allow the Koffiefontein mine to continue with economic activity under new ownership. We believe this is the best possible outcome for all stakeholders involved and I would like to thank the DMPR for its ongoing support in the approval process.”
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